Cost Plus, Inc., Announces the Appointment of Joseph H. Coulombe, Former CEO & Founder of Trader Joe’s, to Non-Executive Ch...
May 12 2010 - 4:19PM
Business Wire
The Board of Directors of Cost Plus, Inc. (NASDAQ:CPWM)
announced that Joseph H. Coulombe will succeed Fredric M. Roberts
as non-executive Chairman of Cost Plus, Inc. at the conclusion of
Mr. Roberts term which coincides with the Company’s Annual Meeting
of Shareholders scheduled for June 17th, 2010. In March 2005, the
Board instituted a process under which the office of the
Non-Executive Chairman would rotate amongst its members.
President and Chief Executive Officer Barry Feld commented, “On
behalf of the entire Board, we would like to thank Fred for his
unwavering dedication and commitment to Cost Plus and his excellent
service as the non-executive Chairman. His deep strategic and
financial expertise from over 30 years in investment banking helped
guide our Board through the complex issues related to the Company’s
turnaround during one of the most difficult retail and economic
climates on record.”
Mr. Coulombe is the founder of Trader Joe’s, a specialty
food grocery chain, and served as its Chief Executive Officer from
1957 to 1989. Following his tenure at Trader Joe’s,
Mr. Coulombe held numerous senior executive positions in the
retailing and grocery businesses including: President and Chief
Executive Officer of Sport Chalet, Inc., a sporting goods retailer;
Chief Executive Officer of Provigo Corp., a wholesale and retail
grocer; and Executive Vice President of Pacific Enterprises, with
principal responsibility for Thrifty Corporation, an operator of
drug and sporting goods chain stores. He also served as Co-Chairman
of Thrifty Corporation. Mr. Coulombe has been engaged
intermittently as an independent business consultant since
1989.
Mr. Coulombe joined the Cost Plus Board of Directors in
1995 and also serves as a director of True Religion Apparel, Inc.,
a manufacturer of high-end, contemporary, designer women’s and
men’s jeans.
Mr. Feld concluded, “As a long standing director, Joe has
the full support and trust of the Board. He possesses the strong
leadership and consensus building skills necessary to effectively
lead our Board of Directors as non-executive Chairman. I look
forward to working closely with Joe in his expanded role and am
confident that his extensive operating experience in the retail and
consumer products industries will enable him to continue making
significant contributions.”
Cost Plus, Inc. is a leading specialty retail of casual home
living and entertaining products. As of May 12, 2010, the Company
operated 263 stores in 30 states.
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